2025 年 4 月 30 日 公司研究 受宏观环境影响 24 年业绩承压，海外业务加速布局 ——志邦家居（603801.SH）2024 年报及 2025 年一季报点评 买入（维持） 当前价：11.00 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 联系人：吴子倩 021-52523872 wuziqian@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 4.37 | | 总市值(亿元)： | 48.02 | | 一年最低/最高(元)： | 8.85/18.26 | | 近 3 月换手率： | 90.38% | 股价相对走势 -31% -14% 3% 20% 37% 04/24 07/24 10/24 01/25 志邦家居 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -3.65 | -1.95 | -29.11 | | 绝对 | -6.54 | -2.48 | -24.94 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, attributed to market demand contraction, industry restructuring, and intensified competition [1][2] Financial Performance - In 2024, the company achieved operating revenue of 18.925 billion yuan, a year-on-year decrease of 16.93% [1] - The net profit attributable to shareholders was 2.599 billion yuan, down 14.38% year-on-year, with a non-recurring net profit of 2.316 billion yuan, a decline of 15.65% [1] - For Q4 2024 and Q1 2025, revenues were 5.046 billion yuan and 3.447 billion yuan, reflecting year-on-year declines of 18.8% and 4.8%, respectively [1] - The company plans to distribute a cash dividend of 2.48 yuan per share, totaling 1.502 billion yuan, with a payout ratio of 57.7% [1] Product Performance - The company’s main products, including kitchen cabinets, wardrobes, and bathroom products, saw revenue declines: kitchen cabinets at 5.449 billion yuan (-22.48%), wardrobes at 9.791 billion yuan (-18.06%), and bathroom products at 1.135 billion yuan (-17.66%) [2] Channel Analysis - Revenue from the distribution channel fell to 14.042 billion yuan, a decrease of 20.10% year-on-year, primarily due to challenges in the traditional single-product distribution model [3] - The company’s bulk channel revenue was 3.045 billion yuan in 2024 and 0.496 billion yuan in Q1 2025, down 15.08% and 28.61%, respectively [3] - Direct sales channels showed growth, with revenues of 0.833 billion yuan in 2024 and 0.164 billion yuan in Q1 2025, increasing by 0.57% and 10.21% year-on-year [3] - Overseas channel revenue reached 0.430 billion yuan, up 34.42% year-on-year, with a solid sales network established in 146 countries [3] Brand Performance - Revenue by brand in 2024: 欧派 at 14.109 billion yuan (-22.76%), 欧铂丽 at 1.207 billion yuan (-12.79%), 欧铂尼 at 1.222 billion yuan (-11.35%), and 铂尼思 at 1.104 billion yuan (+26.23%) [4] - The company implemented a "10+1" terminal operation model to enhance brand recognition and reputation [4] Profitability - In Q1 2025, the gross margin improved to 34.29%, an increase of 4.31 percentage points, due to supply chain reforms and cost reductions [5] - The net profit margin reached 8.97%, up 2.94 percentage points, with a slight increase in expense ratios despite revenue decline [6] Investment Outlook - The company is expected to benefit from government subsidies and a recovering housing market, with projected revenues for 2025-2027 at 20.420 billion, 21.686 billion, and 23.616 billion yuan, respectively [7] - Earnings per share (EPS) estimates for 2025-2027 are 4.61, 4.90, and 5.43 yuan, with a maintained "buy" rating [7]

德尔未来（002631）公告，2025年第一季度营业收入1.94亿元，同比下降23.86%。净亏损3250.28万 元，去年同期净亏损2151.27万元。 ...

美克家居（600337）公告，2025年第一季度营收为7.26亿元，同比下降11.66%；净利润为1.05亿元，去 年同期净亏损1.56亿元。 ...

智通财经4月29日电，欧派家居(603833.SH)公告称，欧派家居发布2025年第一季度报告，实现营业收入 34.47亿元，同比下降4.80%；归属于上市公司股东的净利润3.08亿元，同比增长41.29%。 欧派家居：一季度净利润同比增长41.29% ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with total revenue of 18.925 billion yuan, down 16.93% year-on-year, and a net profit of 2.599 billion yuan, down 14.38% year-on-year, slightly meeting market expectations [1] Financial Performance - Quarterly revenue for 2024 was 3.621 billion, 4.962 billion, 5.296 billion, and 5.046 billion yuan, showing year-on-year changes of +1.43%, -20.91%, -21.21%, and -18.84% respectively [1] - Quarterly net profit for 2024 was 0.218 billion, 0.772 billion, 1.041 billion, and 0.568 billion yuan, with year-on-year changes of +43%, -21.26%, -11.56%, and -21.71% respectively [1] Industry Trends - The industry is facing demand decline and channel transformation, impacting dealer channels. Revenue by product for kitchen cabinets, wardrobes, sanitary ware, and wooden doors was 5.45 billion, 9.79 billion, 1.09 billion, and 1.13 billion yuan, with year-on-year changes of -22.48%, -18.06%, -3.60%, and -17.66% respectively [2] - Revenue by channel for direct sales, dealers, and bulk business was 0.833 billion, 14.042 billion, and 3.045 billion yuan, with year-on-year changes of +0.57%, -20.10%, and -15.08% respectively [2] - The company has over 1,100 retail home furnishing stores, with a net increase of over 450 stores year-on-year, and a significant growth in home furnishing orders [2] Cost Control and Profitability - The company's gross margin increased by 1.76 percentage points to 35.91% in 2024, while the expense ratio rose by 2.53 percentage points to 20.98% [3] - The net profit margin for 2024 was 13.73%, up 0.41 percentage points year-on-year [3] Future Outlook - The company is focusing on improving net profit quality by targeting the old and second-hand housing market as a new growth area, driven by consumer preferences for high-quality products [3] - Plans include advancing the "land to household" mechanism reform and building a market-oriented operating system, along with enhancing internal management and cost efficiency [3] Earnings Forecast and Valuation - The earnings forecast for 2025 and 2026 has been revised down by 10% and 13% to 2.72 billion and 2.88 billion yuan respectively, with the current stock price corresponding to 15 and 14 times the earnings ratio for those years [4] - The target price remains at 85 yuan, implying a 27% upside potential based on a valuation of 19 and 18 times the earnings ratio for 2025 and 2026 [4]

4Q2024，分产品看，橱柜/衣配/卫浴/木门分别实现营收14.2/26.0/2.9/3.1 亿元，分别同 比-23.9%/-15.4%/-8.7%/-19.1%。分渠道看，直营/经销/大宗分别实现营收3.1/36.5/7.0 亿元，分别同 比-5.0%/-23.3%/-23.2%。 2024 年1-12 月份，国内新建商品房销售面积为9.7 亿平方米，同比-12.9%，面对行业景气度下滑、市场 竞争加剧、以及公司尚处在大家居转型的阵痛期，公司经销和大宗事业部收入有所下滑。公司直营事业 部通过不断拓展大客户内购、房产中介、客户裂变等新兴渠道，实现逆势增长，截至2024 年末，大客 户数量同比增加22%，同时在大家居的战略模式下，直营事业部较早实现单品转型布局，在多品销售及 定制装修一体化销售带动下，2018-2024 年客户户均单值复合增幅达47%，多品类协同销售占比从30% 提升至54%。 截至2024 年末，公司经销商门店总数为7750 家，比2023 年末减少966 家，其中，欧派品牌/欧铂丽品 牌/欧铂尼品牌/铂尼思品牌的门店数分别为5077/975/ 941/546家，与2023 年末相比分别变 动 ...

Core Viewpoint - The company reported a revenue increase of 5.9% to 8.449 billion yuan for 2024, but a significant decline in net profit of 242.0% to -151 million yuan, aligning with previous performance forecasts [1] Group 1: Financial Performance - Revenue for 2024 reached 8.449 billion yuan, with a net profit decline to -151 million yuan, primarily due to a 390 million yuan credit impairment loss and increased marketing expenses for brand promotion [1] - The gross profit margin decreased by 1.5 percentage points to 36.9%, attributed to a shift in business structure with a higher proportion of lower-margin exports [3] - The operating expense ratio increased by 0.7 percentage points to 35.0%, driven by a rise in sales expenses due to enhanced marketing efforts for the company's own brand [3] Group 2: Market and Product Insights - The company achieved a 6.7% increase in overseas revenue to 6.75 billion yuan, with European revenue growing by 20.35% to 1.96 billion yuan, while North American revenue saw a slight decline of 1.14% to 4.33 billion yuan [2] - Domestic revenue increased by 3.55% to 1.482 billion yuan, with steady progress in online and offline channel development [2] - In terms of product performance, mattress revenue rose by 11.0% to 4.415 billion yuan, while sofa revenue increased by 1.2% to 1.155 billion yuan [2] Group 3: Future Outlook and Valuation - The company is expected to see improvements in revenue and profit by 2025, supported by a leading global production capacity and a focus on brand and channel development in the domestic market [1] - Profit forecasts for 2025-2027 are adjusted to 271 million yuan, 375 million yuan, and 482 million yuan respectively, with corresponding EPS of 0.47, 0.66, and 0.85 yuan [4] - The target price for the company is set at 8.93 yuan, based on a 19 times PE ratio for 2025, reflecting the company's strong global production capabilities and potential demand recovery [4]

曾经多次举牌退市股"游久游戏"的山东矿产"大佬"吴涛，如今再次现身资本市场。4月17日晚，亚振家 居（603389）（SH603389，股价6.58元，市值17.29亿元）公告称，公司控股股东上海亚振投资有限公 司（以下简称亚振投资）正筹划股份协议转让，可能导致公司控制权变更。一周后，交易对象正式公 布。 上海域潇（证券代码：400122）的前身是2022年6月退市的"游久游戏"，后者于2023年更名为上海域 潇。 公开资料显示，域潇集团创建于1995年，总部设于山东济南，注册资本2亿元人民币，专注锆钛、稀 土、石墨等多种矿产资源开采与利用。截至目前，域潇集团共开展24个大型项目：其中国外已投产的项 目9个，国内已投产的项目6个，资本市场投资项目2个，建设中的项目7个。 据记者了解，在域潇集团涉足的行业领域，其在莫桑比克的矿产业务最为出名。域潇集团至今已在莫桑 比克拥有采矿权20余个，其中已探明的锆钛金属资源储量超1亿吨，石墨金属储量超1亿吨，矿权面积超 50万公顷。此外，域潇集团还在莫桑比克拥有探矿权60余个，是莫桑比克投资规模最大、产值最高的中 资矿产企业。 提及此次拟入主亚振家居，亚振家居在公告中表示， ...

Financial Performance - The company reported a basic earnings per share (EPS) of 0.0400 yuan for Q1 2025, representing a 33.33% increase compared to 0.0300 yuan in Q1 2024 and a significant rise from 0.0200 yuan in Q1 2023 [1] - The net profit for Q1 2025 was 0.09 billion yuan, up 28.57% from 0.07 billion yuan in Q1 2024 and an increase from 0.05 billion yuan in Q1 2023 [1] - The return on equity (ROE) improved to 0.52% in Q1 2025, a 40.54% increase from 0.37% in Q1 2024 and up from 0.27% in Q1 2023 [1] - Operating revenue for Q1 2025 was 2.19 billion yuan, a slight increase of 0.92% from 2.17 billion yuan in Q1 2024 and a significant rise from 1.63 billion yuan in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 8.2283 million shares, accounting for 14.51% of the circulating shares, with an increase of 3.2150 million shares compared to the previous period [1] - New entrants among the top shareholders include Hangzhou Zhongda Junyue Investment Co., Ltd. with 1.7255 million shares (3.04%), He Qing with 1.4660 million shares (2.59%), and Morgan Stanley & Co. International PLC with 0.7271 million shares (1.28%) [2] - Notable exits from the top ten shareholders include Qian Jun with 0.7451 million shares (1.31%) and Qiu Niandi with 0.4740 million shares (0.84%) [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares in the current period [3]